Time is ticking to get free current account cash perks

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
22/11/2021

Time is ticking to get free current account cash perks

As a variety of current account switching cash incentives have recently been withdrawn, the latest research by Moneyfacts.co.uk highlights the deals available right now and when others are expected to vanish.

  • first direct is withdrawing its £130 switching offer at midnight on 22 November 2021.
  • Consumers have 10 days to take advantage of NatWest’s £100 cashback offer which will be withdrawn on 2 December and has been available since 11 October.
  • There are three weeks left to get a £125 cash incentive with Halifax on its Reward Account; the offer ends on 14 December 2021 and has been available since 3 November 2021.
  • Virgin Money tweaked the switching incentive last month on its M Plus Account; switchers can receive a £150 Virgin Experience Days Gift Card or a free luxury 12-bottle case of wine from Virgin Wines, worth £150. Santander continues to offer £130 cashback on its 123 Current Account and Nationwide is still offering £100 for new accounts and £125 for existing account holders on selected current accounts.
  • HSBC does not currently have a switching offer, as it removed its £110 cashback offer 31 October, which was available from 13 September.
  • Lloyds Bank had its £100 cashback offer withdrawn on 19 October, which was available from 9 September.

Time is ticking to get free current account cash perks

As a variety of current account switching cash incentives have recently been withdrawn, the latest research by Moneyfacts.co.uk highlights the deals available right now and when others are expected to vanish.

  • first direct is withdrawing its £130 switching offer at midnight on 22 November 2021.
  • Consumers have 10 days to take advantage of NatWest’s £100 cashback offer which will be withdrawn on 2 December and has been available since 11 October.
  • There are three weeks left to get a £125 cash incentive with Halifax on its Reward Account; the offer ends on 14 December 2021 and has been available since 3 November 2021.
  • Virgin Money tweaked the switching incentive last month on its M Plus Account; switchers can receive a £150 Virgin Experience Days Gift Card or a free luxury 12-bottle case of wine from Virgin Wines, worth £150. Santander continues to offer £130 cashback on its 123 Current Account and Nationwide is still offering £100 for new accounts and £125 for existing account holders on selected current accounts.
  • HSBC does not currently have a switching offer, as it removed its £110 cashback offer 31 October, which was available from 13 September.
  • Lloyds Bank had its £100 cashback offer withdrawn on 19 October, which was available from 9 September.

Selection of accounts

Selection of accounts

Account

Cashback

Benefits

Cost to borrow £500 for 15 days

High interest

Virgin Money M Plus Account*

None

2.02% AER credit interest on balances up to £1,000 (£20 in interest in one year); £150 Experience Days gift card or a free luxury 12-bottle case of wine from Virgin Wines switching using the CASS

£3.75 (19.9% EAR)

Spend and save

Santander 123 Current Account**

1-3% cashback on selected household bills and Santander home or life insurance premiums (up to £15 per month)

0.30% AER credit interest on balances up to £20,000 (£60 in interest in one year); access to 123 World offers

Four months’ free overdraft, thereafter £7 (39.94% EAR)

Overdraft usage

Starling Bank Current Account

None

0.05% AER credit interest on balances up to £85,000 (£42.50 in interest in one year). No fees overseas for card usage

£2.89 (15.0% EAR)

*Must open a M Plus Saver Account at the same time as current account. **£4 monthly fee. Source: Moneyfacts.co.uk

 

Switching cash incentive selection

Provider

Account

Switching incentive

Eligibility

first direct

1st Account

£130

Switch using CASS by midnight 22.11.21, must credit £1,000 within three months.

Halifax

Reward Account

£125

Switch using CASS by 14.12.21.

Nationwide

Flex Account

£100 or £125

Switch using CASS, new accounts get £100 and existing account holders get £125.

NatWest*

Select Account

£100

Switch using CASS by 2.12.21, must credit £1,500 and log into online or mobile banking.

Santander

123 Current Account

£130

Switch using CASS, two direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching.

*Similar offer can be found from RBS and Ulster Bank. Source: Moneyfacts.co.uk

Selection of accounts

Selection of accounts

Account

Cashback

Benefits

Cost to borrow £500 for 15 days

High interest

Virgin Money M Plus Account*

None

2.02% AER credit interest on balances up to £1,000 (£20 in interest in one year); £150 Experience Days gift card or a free luxury 12-bottle case of wine from Virgin Wines switching using the CASS

£3.75 (19.9% EAR)

Spend and save

Santander 123 Current Account**

1-3% cashback on selected household bills and Santander home or life insurance premiums (up to £15 per month)

0.30% AER credit interest on balances up to £20,000 (£60 in interest in one year); access to 123 World offers

Four months’ free overdraft, thereafter £7 (39.94% EAR)

Overdraft usage

Starling Bank Current Account

None

0.05% AER credit interest on balances up to £85,000 (£42.50 in interest in one year). No fees overseas for card usage

£2.89 (15.0% EAR)

*Must open a M Plus Saver Account at the same time as current account. **£4 monthly fee. Source: Moneyfacts.co.uk

 

Switching cash incentive selection

Provider

Account

Switching incentive

Eligibility

first direct

1st Account

£130

Switch using CASS by midnight 22.11.21, must credit £1,000 within three months.

Halifax

Reward Account

£125

Switch using CASS by 14.12.21.

Nationwide

Flex Account

£100 or £125

Switch using CASS, new accounts get £100 and existing account holders get £125.

NatWest*

Select Account

£100

Switch using CASS by 2.12.21, must credit £1,500 and log into online or mobile banking.

Santander

123 Current Account

£130

Switch using CASS, two direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching.

*Similar offer can be found from RBS and Ulster Bank. Source: Moneyfacts.co.uk

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Banking customers looking to switch their current account will find a variety of cash switching perks on offer today to entice them, but some offers will vanish over the next three weeks. Current account providers launched free cash perks for customers who switch using the Current Account Switcher Service (CASS), however, some gave just a small window of opportunity for customers to apply, such as HSBC which gave consumers 14 days. One of the biggest cash perks on a current account which does not charge an account fee is for £130 with first direct, which is due to expire at midnight. In the weeks to come, so too will the £125 offer from Halifax and £100 offer from NatWest disappear.

“Those looking to get a better overall package with their current account will not only find Santander’s £130 switching cash offer appealing, but the 123 Current Account also boasts 1-3% cashback on selected household bills and Santander home or life insurance premiums and it pays 0.30% AER credit interest on balances up to £20,000, all for a £4 per month fee. Virgin Money currently offers a different upfront perk to those who switch to its Virgin Money M Plus Account; a £150 Experience Days gift card or a free luxury 12-bottle case of wine from Virgin Wines. Another bank to launch a different incentive for switchers recently was Barclays Bank, depending on the type of account pack add-on that is taken, they will provide a free trial of a variety of Apple entertainment with Apple One, for up to five months. However, like many cash perks, this offer will be withdrawn within the next three weeks on 12 December.

“The festive season draws ever closer, so some consumers may be considering a quick switch using the CASS for a free cash perk, but it is vital they choose an account which will work hard for them. Weighing up any incentives and fees, such as an overdraft tariff is important, and consumers must be confident to utilise any perks if an account charges a fee.”

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Banking customers looking to switch their current account will find a variety of cash switching perks on offer today to entice them, but some offers will vanish over the next three weeks. Current account providers launched free cash perks for customers who switch using the Current Account Switcher Service (CASS), however, some gave just a small window of opportunity for customers to apply, such as HSBC which gave consumers 14 days. One of the biggest cash perks on a current account which does not charge an account fee is for £130 with first direct, which is due to expire at midnight. In the weeks to come, so too will the £125 offer from Halifax and £100 offer from NatWest disappear.

“Those looking to get a better overall package with their current account will not only find Santander’s £130 switching cash offer appealing, but the 123 Current Account also boasts 1-3% cashback on selected household bills and Santander home or life insurance premiums and it pays 0.30% AER credit interest on balances up to £20,000, all for a £4 per month fee. Virgin Money currently offers a different upfront perk to those who switch to its Virgin Money M Plus Account; a £150 Experience Days gift card or a free luxury 12-bottle case of wine from Virgin Wines. Another bank to launch a different incentive for switchers recently was Barclays Bank, depending on the type of account pack add-on that is taken, they will provide a free trial of a variety of Apple entertainment with Apple One, for up to five months. However, like many cash perks, this offer will be withdrawn within the next three weeks on 12 December.

“The festive season draws ever closer, so some consumers may be considering a quick switch using the CASS for a free cash perk, but it is vital they choose an account which will work hard for them. Weighing up any incentives and fees, such as an overdraft tariff is important, and consumers must be confident to utilise any perks if an account charges a fee.”

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

 

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

 

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Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert